Bulls return as equity market gains N344bn

Trading activities on the floor of Nigerian Exchange on Tuesday returned to bullish run, gaining N344 billion as gains recorded in the shares of medium and highly capitalised stocks impacted positively on the market

Market capitalization of listed equities appreciated by 0.62 per cent to N55.626 trillion from N55.282 trillion reported the previous day.

The NGX All Share Index also increased by 596.96 basis points to 96802.80 points from 06205.84 points in the previous day.

The market witnessed dominance of bullish activity with 39 gainers outnumbering 19 losers.

As a result, year to date return went up to 29.46 per cent.

The positive performance during the day was driven by gains in the shares of MTN Nigeria, Eterna Plc, GTCO Plc, Oando, Nascon and 26 companies.

An analysis of the investment showed that SFSReits led gainers table with 9.98 per cent to close at N163.15 per unit, RTBriscoe followed with a gain of 9.93 per cent to close at N3.10 per share, Caverton Business Solutions gained 9.77 per cent to close at N1.91 per share, Mcnichols added 8.89 per cent to close at N1.47 per unit, Custodian Insurance increased by 8.87 per cent to close at N13.50 per unit.

On the contrary, Learn Africa recorded the highest loss during the day, shedding 9.69 per cent to close at N3.73 per unit, TIP trailed with a loss of 6.77 per cent to close at N1.79 per unit, Japaul Gold dipped by 6.67 per cent to close at N2.52 per share, AIICO Insurance down by 4.39 per cent to close at N1.09 per unit, Neimeth international Pharmaceutical dipped by 4.29 per cent to close at N2.01 per share.

Volume of trades declined by 368.184 million, representing 47.55 per cent as investors traded 406.19 million shares valued at N13.31 billion in 12241 deals against 774.377 million shares worth N14.647 billion exchanged hands the previous day in 10412 deals.

Transactions in the shares of Oando Plc led market activities with 58.485 million shares valued at N5.520 billion, AccessCorp followed with account of 30.379 million shares worth N557.654 million, Japaul Gold traded 28.826 million shares cost N78.212 million, FBNHoldings exchanged 20.883 million shares valued at N495.605 million, United Bank for Africa exchanged 19.991 million shares valued at N462.588 million.